Siebert Financial Acquires Accounts And Certain Assets Of Your Discount Broker, Inc. PR Newswire -- January 23, 2003 Third Florida Account Acquisition In A Year Continues Expansion Strategy For Parent Of Top-Ranked Discount Brokerage Company NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- Siebert Financial Corp. (Nasdaq: SIEB) today announced that it has acquired the discount brokerage accounts and certain assets of Your Discount Broker, Inc., ("YDB") a 12-year-old Boca Raton, Fla.-based firm that had been one of the few locally owned discount stock brokerages in South Florida. Terms of the transaction were not disclosed. New York-based Siebert Financial Corp. is the parent company of Muriel Siebert & Co. Inc., which is among the nation's top- rated discount brokers. As part of the transaction, Michael Silverstein, a principal of YDB, has been named Senior Vice President, Florida Region, of Muriel Siebert & Co. "This transaction is part of our continuing effort to expand our customer base by purchasing accounts from quality discount brokers," said Ms. Siebert, President and Chairwoman of Siebert. "YDB is a good fit for us because they share our commitment to service and value. In a difficult environment, many discount brokers have raised commission rates and imposed or raised minimum balance requirements. Both Siebert and YDB have held the line with no increases in commissions and no required minimum balances." The Your Discount Broker name will be retained and the business will be operated as a division of Muriel Siebert & Co. Siebert said that the YDB branches in Aventura and Boca Raton also will become Siebert branches. The YDB customers will benefit from access to Siebert's broad product line, which includes new-issue municipal bonds and other fixed income offerings, and a high level of personal attention from the firm's brokers and customer service representatives on the phone and in the branches. "We are delighted to be joining the Siebert family, which has an excellent track record as a leader in discount brokerage," said Mr. Silverstein. "This combination provides our customers with a powerful new platform for investing, and a host of additional investment vehicles, while allowing them to continue working with the YDB employees they have come to know and trust." The transaction marks the third Florida account acquisition in less than a year for Siebert. Previously, Siebert purchased the retail discount brokerage accounts of TradeStation Securities Inc., Boca Raton, and the Boca Raton accounts of State Discount Broker. Siebert has offices in Boca Raton, Palm Beach, Surfside and Naples, Florida. Muriel Siebert & Co. is the only discount broker to rank in Smartmoney's top three discount brokers for the past five years. It was also ranked Kiplinger's number one online broker for 2002 and is the only broker to rank in Kiplinger's top three for the past four years. The firm also received Barron's highest, four-star ranking in the 2002 Online Brokers Survey. Siebert Financial Corp. is a holding company, which conducts all its brokerage operations through its wholly owned subsidiary, Muriel Siebert & Co., Inc. A member of the New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975, when discounting was first permitted. Siebert conducts its municipal investment banking activities through Siebert, Brandford, Shank & Co., LLC, a separate affiliate specializing in municipal and financial advisory services. Siebert is based in New York City with additional retail branches in Boca Raton, Palm Beach, Surfside and Naples, Florida; Beverly Hills, California; and Jersey City, New Jersey. Siebert, Brandford, Shank & Co. has offices in New York City, San Francisco, Los Angeles, Seattle, Houston, Chicago, Detroit and Dallas. Except for historical information, any statements made in this press release about the Siebert's anticipated financial results, future operational results or plans for its business are forward-looking statements subject to risks and uncertainties such as those described in Siebert's public filings on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results reflected in these forward-looking statements and Siebert undertakes no obligation to publicly release the results of any revisions to these forward-looking statements. An investment in Siebert involves various risks, including those mentioned above and those, which are detailed from time to time in Siebert's Securities and Exchange Commission filings. Copies of the company's SEC filings may be obtained by contacting the company or the SEC or by visiting the SEC's Web site at www.sec.gov. CONTACT: Mark Hopkinson of TransMedia Group, +1-561-750-9800, ext. 15, or MHopkinson@transmediagroup.com